Insurance Commissioner Agrees To Delete “Cancellation Fee”

After hearing comments from REALTORS® and other industry representatives, the Office of the Insurance Commissioner (OIC) has apparently agreed to withdraw language from a proposed rule that would require title companies to charge for title commitments that are subsequently cancelled. “…we have decided to delete the requirement that title companies must charge and collect a cancellation fee from the proposed rule. However, this should not be in any manner construed as a prohibition upon title companies charging and collecting a cancellation fee, …” – Jim Tompkins, OIC staff attorney.